The board of directors of Milwaukee-based Rockwell Automation Inc. authorized the company to expend up to an additional $1 billion to repurchase shares of its common stock.
The allocation is in addition to the authorization on June 8, 2012, to repurchase $1 billion worth of common stock, of which approximately $223 million was remaining as of June 3, 2014.
The board also declared a quarterly dividend of 58 cents per share on common stock, payable on Sept. 10, 2014, to shareowners of record at the close of business on Aug. 11, 2014.
“In the prior four fiscal years, we have returned $2 billion, over 80 percent of free cash flow, to shareowners through dividends and share repurchases,” said Keith Nosbusch, chairman and chief executive officer. “Our solid financial position and sustainable cash generation enable us to continue our strong track record of returning cash to shareowners while investing in the business and pursuing strategic acquisitions.”